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RIYADH — The Saudi Central Financial institution (SAMA) has issued a clarification on the particular quantities exempt from seizure in financial institution accounts. In response to the assertion, the exemption price for wage seizures is capped at one-third of the online month-to-month revenue, whereas retirement pension seizures can’t exceed one-quarter of the online month-to-month pension.
Moreover, deposits associated to compensation and authorities assist applications, together with social safety and the Citizen’s Account Program, are protected against seizure. SAMA emphasised that people can declare the exempt quantity even when deposited after a seizure has begun. Nevertheless, if the exempt sum is current earlier than the seizure, it is going to be included within the seizure course of.
Addressing issues about seizures associated to visitors violations, SAMA clarified that these seizures will solely goal the particular quantity owed for the violation, with any extra remaining untouched.
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